Company Press Release

San Francisco, 19 August, 2008 -- Forward Management, LLC announced that Jeffrey P. Cusack has joined the company as President. J. Alan Reid, Jr. will remain as the company’s CEO, and he will devote his efforts to the strategic direction of Forward Management and ReFlow Management.

Mr. Cusack will provide day-to-day management of the company’s business, focusing initially on the integration of the Accessor Funds (effective September 1, 2008), as well as supporting the firm’s expansion into the bank distribution channel. He will oversee Forward’s investment product line-up, including the company’s growing separately managed account business.

Forward Management, LLC, investment advisor to the Forward Funds, recently agreed to acquire the business of Accessor Capital Management LP, investment advisor to the Accessor Funds. Pending shareholder approval, as a combined fund family, Forward Funds will offer investors 33 mutual funds in no-load and load share classes, with more than $5 billion in assets under management. Accessor Funds include six lifestyle funds, and their recently launched Strategic Alternatives Fund. Based in Seattle, the firm was founded in 1991 by J. Anthony Whatley, and was one of the first to launch asset allocation funds, as well as integrate an alternative strategy in their more aggressive lifestyle products.

“We are thrilled to have Jeff’s expertise and leadership as we continue to grow Forward Management,” remarked Mr. Reid. “We are focused on providing innovative solutions for investment advisors and institutions, and Jeff’s experience and reputation as a consultant and an innovator make him a natural fit as the firm’s new President.”

Mr. Cusack previously was Executive Vice President of Sales and Marketing at JP Morgan Private Client Services leading a group of more than 370 professionals. Prior to JP Morgan, Mr. Cusack served as Senior Vice President and Head of Managed Accounts at Charles Schwab, where he was responsible for designing and launching what became the industry’s leading managed accounts platform serving the independent financial advisor and private client markets. Mr. Cusack also spent 12 years in the consulting group of Smith Barney where he was a member of the operating committee and Senior Vice President, and he helped to grow the firm’s revenues from less than $100 million to $1.6 billion. Mr. Cusack is a Certified Investment Management Analyst and holds a BA Business Administration from New England College.

About Forward Management, LLC

Forward Management, LLC, based in San Francisco, is the investment advisor to the Forward Funds, a family of fifteen mutual funds. The firm also markets a range of separately managed accounts. Forward Management is an affiliate of ReFlow Management Co., LLC, which developed ReFlow, an innovative liquidity tool for portfolio managers that provides enhanced performance and tax efficiency. Forward Management offers institutional money managers, financial advisors and individual investors access to industry leading investment managers, investment products and services. The firm specializes in identifying sub-advisors who have long track records of managing assets in specific investment disciplines and asset classes. More information on Forward Management and the Forward Funds can be found at www.forwardmgmt.com.

You should consider the investment objectives, risks, charges and expenses of the Forward Funds carefully before investing. A prospectus with this and other information may be obtained by calling (800) 999-6809 or by downloading one from www.forwardfunds.com. It should be read carefully before investing.

You should consider the investment objectives, risks, charges and expenses of the Accessor Funds carefully before investing. A prospectus with this and other information may be obtained by calling (800) 882-9612 or by downloading one from www.accessor.com. It should be read carefully before investing.

There are risks involved with investing, including loss of principal. Past performance does not guarantee future results.

Forward Funds are distributed by ALPS Distributors, Inc. J. Alan Reid, Jr. is a registered representative of ALPS Distributors, Inc. Accessor Funds are distributed by SEI Investments Distribution Co. (SIDCO). SIDCO is not affiliated with Forward Funds nor ALPS Distributors, Inc., and ALPS Distributors, Inc is not affiliated with the Accessor Funds.